The article analyzes the stress-strain state in the zone of plastic deformation during special caliber rolling. The principle of caliber rolling technology is described, which makes it possible to combine shear and compression deformations in the cross-section of metals, alloys, and metal-matrix composites. The analysis results of stresses and strains during shear rolling in a diamond pass, which included compressive strains that had not been considered in previous studies, revealed that localization or point inversion of stresses and strains is observed in the plastic deformation zone. Stress and strain are localized along the minor and major diagonals of the diamond pass.